Section 21
General Meetings
(1) A general meetings (hereinafter referred to as the annual general meetings) shall be held at the head office or the Corporation in each year within Ninety days after the date of closure of annual accounts of the Corporation after the sale of shares of at least Five percent value of the share capital issued by the Corporation for sale. If at least Five percent shareholders make an application in writing or the Board considers necessary so to do, the extra-ordinary general meetings of the Corporation may be called at any other time.
(2) No general meetings may be deemed to be attended by a quorum unless it is attended by at least One-thirds of shareholders in person or by proxy. General meetings called for the second time upon not being attended by the quorum may be deemed to be attended by the quorum if it is attended by one Sixth of the shareholders. Provided that, if the general meetings called for the second time is not even attended by a quorum as mentioned, a submission containing that
matter shall be made to the Government of Nepal, and it shall be done as sanctioned.
(3) The shareholders present at the annual general meetings shall discuss the annual accounts, profit and loss account, matters contained in the auditor’s report in relation thereto and the Board’s report on the affairs of the Corporation carried out throughout the previous year. These matters shall be submitted to the Government of Nepal until the provision of the annual general meetings is made.
(4) A shareholder may cast vote at the rate of one vote for each one percent share of the total capital of the Corporation subscribed by the shareholder.
Provided that:
(a) No shareholder who has subscribed shares less than one percent of the total capital of the Corporation shall be entitled to case vote.
13 Amended by the Communication Related Some Nepal Acts Amendment Act, 2029.
(b) If the share percentage is more than one unit, the shareholder shall be entitled to case vote only equal to the lower unit until the higher unit is achieved.
(5) No shareholder may exercise vote without being present at the general meetings in person or by proxy.
(6) Any decision at the generals meeting shall be made by a simple majority of the shareholder attending and voting thereat.
(2) No general meetings may be deemed to be attended by a quorum unless it is attended by at least One-thirds of shareholders in person or by proxy. General meetings called for the second time upon not being attended by the quorum may be deemed to be attended by the quorum if it is attended by one Sixth of the shareholders. Provided that, if the general meetings called for the second time is not even attended by a quorum as mentioned, a submission containing that
matter shall be made to the Government of Nepal, and it shall be done as sanctioned.
(3) The shareholders present at the annual general meetings shall discuss the annual accounts, profit and loss account, matters contained in the auditor’s report in relation thereto and the Board’s report on the affairs of the Corporation carried out throughout the previous year. These matters shall be submitted to the Government of Nepal until the provision of the annual general meetings is made.
(4) A shareholder may cast vote at the rate of one vote for each one percent share of the total capital of the Corporation subscribed by the shareholder.
Provided that:
(a) No shareholder who has subscribed shares less than one percent of the total capital of the Corporation shall be entitled to case vote.
13 Amended by the Communication Related Some Nepal Acts Amendment Act, 2029.
(b) If the share percentage is more than one unit, the shareholder shall be entitled to case vote only equal to the lower unit until the higher unit is achieved.
(5) No shareholder may exercise vote without being present at the general meetings in person or by proxy.
(6) Any decision at the generals meeting shall be made by a simple majority of the shareholder attending and voting thereat.